Question: Periodic Inventory Using FIFO, LIFO, and Welghted Average Cost Method The units of an item available for sale during the year were as follows: an.

Periodic Inventory Using FIFO, LIFO, and Welghted Average Cost Method The units of an item available for sale during the year were as follows: an. 1 Inventory 17 units at $45 Aug. 13 Purchase 20 units at $48 Nov. 30 Purchase 16 units at $50 Available for sale $765 960 800 $2,525 53 units There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole doilar). a. First-in, first-out (FIFO b.Lase-in, first-out (LIFO) SC c. Weighted average cost 762 Feedbad

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